Bitcoin’s Hot Crazy Summer

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While there are a couple weeks left in summer, most people mark the end of summer with Labor Day in the US or with the turn of the calendar from August to September.

And what a summer it’s been. Let’s check some of the highlights:

The Bitcoin fork takes place August 1 creating Bitcoin Cash (BCH). BCH is currently worth $589 each or between 0.08 and 0.12 BTC. We are one of a few that compared this to receiving a dividend for being long BTC. It could have been a break in crypto’s value by splitting it but that didn’t happen. The fork became a reward instead.

Bitcoin hit SEVEN all-time highs this summer.

This chart since June shows 7 new peaks, often before coming back down and rising again to yet another high. The trough on this chart in mid-July is around $2000, so going long just since then would have more than doubled your money.

Initial Coin Offerings or ICOs gain legitimacy as a fundraising technique. For now, the ICO is Ethereum’s killer app. VC and Private Equity firms around the world are taking notice while some worthy firms (as well as some that should never get a satoshi) bypass them entirely. We don’t support ICO trading here at Magnr but we are watching this closely as growth in the ecosystem is good for Bitcoin and all cryptos.

South Korea discovers Bitcoin in a big way. Forbes did a story on this a few weeks ago. South Korea’s biggest exchanges, Bithumb and Korbit are exploding with trading growth. The piece goes on to mention that it’s a perfect storm for crypto there. SK has instability (on their northern border), tech savvy people, great mobile technology, and terrible online & in person business and financial practices. A recipe for crypto success.

Japan overtakes China and the US as the #1 trading volume market for Bitcoin. In this early August piece, Cointelegraph tells us ‘a major push’ is underway to increase consumer awareness on the ground for Bitcoin. They have become the most Bitcoin friendly economy of the major Western nations.

What an amazing summer. Let’s see what the fall and winter hold for us in the Bitcoin world.